|By Terryn Shiells, Commodity News Service Canada|
|December 20, 2012|
|WINNIPEG – Canola contracts on the ICE Futures Canada platform were trading at lower price levels at 8:37 CST Thursday, as the losses seen in CBOT soybeans spilled over to weigh on values, analysts said.
Much of the selling that took soybeans lower was linked to a bearish USDA weekly export sales report. The USDA pegged soybean exports at 619,000 metric tonnes for the week ended December 13, down 53% from the week prior.
The liquidation of long positions by speculative fund accounts ahead of the holiday season and the New Year was also an undermining price influence for both soybeans and canola, traders said.
Talk that weather is fairly good for the development of soybean crops in South America was also overhanging the oilseed markets, including canola.
Declines seen in European rapeseed futures during overnight trade also put some downward pressure on canola.
However, the weaker Canadian dollar helped to limit canola’s downside potential.
Steady commercial demand and a lack of significant farmer selling also helped to underpin values.
As of 8:37 CST Thursday, about 7,250 canola contracts had traded.
Milling wheat, barley and durum were untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:37 CST:
Futures Prices as of June 19, 2013
Prices are in Canadian dollars per metric ton